Keiser’s Sand Valley could boost local property value by $42 million

Posted on 8/10/2015

by Andrew Huang

Mike Keiser’s much anticipated development at The Sand Valley Golf Resort in Rome, Wis., could potenitally raise local property values by over $42 million. The town released that number while seeking to create a special tax district, according to Marshfield News-Herald.

If approved, the tax district will borrow an estimated $12 million to $14 million in bonds to help fund the project including a second golf course. The draft plan, obtained by Daily Tribune Media, reported that it should generate enough revenue to recover all project costs by 2032.

Additionally, officials said that the money would help make up for the sharp decline in town property values since the recession and would also raise revenue for surrounding counties. The values are $140 million less than they were five years ago.

The district would share the burden of financing the courses and relinquish rights to tax the resort for a certain amount of time. In all, about $42.3 million would be created in new improvements and increased value of existing properties.

The state Senate authorized the tax district in June, and a public hearing will be held Aug. 12.

According to the Marshfield News-Herald, Keiser, who is based in Chicago, proposed to develop the Sand Valley resort on 1,500 acres chosen specifically for the unique sand dunes. It could include up to five golf courses and other facilities, the first of which is a Coore/Crenshaw design slated to open in 2017, and host high-level professional events. Keiser himself funded the first course, and the development of subsequent courses would depend on the money raised by the town’s proposed special tax district. David McLay Kidd will design the second course, which is planned to open in summer of 2018.

“I'm really excited for the world to discover Rome,” Keiser said in a previous interview with the Daily Tribune Media. “It's a fabulous place, and it deserves to be seen by the world. So I'm excited for Rome to get the recognition that will come, and I'm excited to see people's reaction to this really exciting and unique environment — the sand barren.”

Each golf course could create 100 new jobs and dozens more opportunities for independent contractors.